BARACK Obama has warned world leaders against making the "mistakes of the past" by withdrawing stimulus measures too soon.

In a call for global action before the G20 summit, the US President called for countries to "reaffirm our unity of purpose" when "significant weaknesses" remain in member economies.

Mr Obama said, in a letter obtained by The Washington Post, that nations must "learn from the consequential mistakes of the past when stimulus was too quickly withdrawn", resulting in "renewed economic hardship and recession".

The caution came as the International Monetary Fund warned that the risks to global recovery were escalating and that the European crisis had the potential to undermine commodity prices and world trade.

The warning, delivered to G20 finance ministers, including Wayne Swan, in South Korea two weeks ago, was made public by the fund yesterday. It called for urgent action by European governments. Mr Obama urged economic leaders to honour vows, made in Pittsburgh last year, to work together.

The letter nudged China when it cited fears over "continued heavy reliance on exports by some countries with already large external surpluses".

Apparently turning to concerns over the euro and the effect of cost-cutting on Europe's growth, Mr Obama wrote: "I am committed to the restoration of fiscal sustainability . . . but it is critical that the timing and pace of consolidation in each economy suit the needs of the global economy, the momentum of private sector demand, and national circumstances."

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